Luxe Austin Homes - residential real estate

"Many new homes hitting the Austin metro market are priced affordably for first-time buyers, ABOR says"

Posted by Grossman & Jones Group on March 18th, 2024

Austin Business Journal shares, "New listings for homes for sale in the Austin metro surged in February, a rise driven largely by lower-priced homes that are considered affordable for first-time homebuyers, according to data from the Austin Board of Realtors.

February saw 3,915 new home listings in the metro, according ABOR’s latest market report. That’s up from just 3,064 in January, and an increase of more than 40% year-over-year from the 2,764 new listings reported in February 2023.

ABOR housing economist Clare Losey said many of the new listings are for homes priced under $400,000.

“Higher home prices and mortgage rates have diminished affordability for first-time homebuyers over the past few years, but February provided encouragement for…

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"State of the housing market: new listings are up, prices are stable"

Posted by Grossman & Jones Group on March 14th, 2024

ATX Today writes, "In a word, the Austin housing market is looking fairly stable for both buyers and sellers, according to the Austin Board of Realtors’ February Market Statistics report. 

Let’s dive into some statistical highlights from last month."

City of Austin

• Sales rose by 3% compared to February 2023.
  
  • About 200 more homes sold in February 2024 than January 2024.
• The median sale price is $543,200, about $15,000 less than February 2023. However, that’s ~$8,700 more than January 2024.
• New listings increased by 41.7% compared to this time last year.

Austin-Round Rock-Georgetown metropolitan area

• The median sale price in February was $443,065, which is ~$13,000 more than January 2024 but ~$6,000 higher than…

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"The Austin housing market just won't quit. It's an example of what's happening nationwide despite high prices and interest rates."

Posted by Grossman & Jones Group on March 12th, 2024

Business Insider writes, "just when some people thought the Austin, Texas, housing market was going to crash, it's starting to heat up again.

It could be a sign of relief for homeowners across the US — but bad news for hopeful buyers.

This sudden surge in Austin housing sales is a bit surprising. Not only were some experts predicting the downfall of the city's housing market just a few months ago, but interest rates have been back on the rise in 2024, reaching their highest level since December. However, Austin isn't the only city beating the odds; prices are still rising in 85% of US cities even though 91% of all homes are deemed "overvalued."

The inventory of houses for sale in Austin and the number of houses that sold both increased…

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"Retired NFL Star Derrick Johnson Puts His Lone Star State Home on the Market for $4 Million"

Posted by Grossman & Jones Group on March 11th, 2024

Robb Report shares, "Former Texas Longhorn and Kansas City Chief linebacker Derrick Johnson—known to his many fans simply as “DJ”—has officially hoisted his swanky estate in Austin’s exclusive Spanish Oaks gated community up for sale.

The founder and president of the Defend the Dream Foundation, which serves low-income and inner-city youth, acquired the modern residence back in 2018. Now, six years later, the place has returned to the market with a nearly $4 million ask.

Custom-built by Olson Defendorf in 2015, and designed by Geschke Group Architecture, the creamy stucco and brick structure features five bedrooms and five bathrooms in a little more than 5,400 square feet of multi-level living space boasting an office wing, a gym, movie theater…

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"50 winners revealed for Austin Residential Real Estate Awards"

Posted by Grossman & Jones Group on February 16th, 2024

Austin Business Journal shares, "it's almost time to honor Central Texas' top-selling Realtors, along with superlative homebuilders and master-planned communities.

Austin Business Journal's 2024 Residential Real Estate Awards are scheduled for next month. The winners, listed below, will be recognized and rankings per category will be revealed at the annual event. Winning builders and neighborhoods will also be awarded based on judging by the ABJ.

Even as the Austin housing market normalizes from the high-flying days of the pandemic, Central Texas Realtors and builders have stayed busy and have plenty to celebrate. The March 21 luncheon will be held at the JW Marriott Austin. For more information or to secure tickets, go here.

Read about last…

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"Pending Home Sales Post Biggest Jump Since June 2020 as Mortgage Rates Fall"

Posted by Grossman & Jones Group on February 5th, 2024

Realtor.com shares, "The numbers: U.S. pending home sales shot up in December as falling mortgage rates brought buyers back into the market.

Pending home sales rose 8.3% in December from the previous month, according to the monthly index released Friday by the National Association of Realtors.

Pending home sales reflect transactions where the contract has been signed for a the sale of an existing home, but the sale has not yet closed. Economists view it as an indicator of the direction of existing-home sales in subsequent months.

The jump in pending-home sales was the largest since June 2020, when it rose by 14.9%.

The sales pace exceeded expectations on Wall Street. Economists were expecting pending home sales to increase by 2% in…

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"Hutto is Austin's best suburb for first-time homebuyers, report indicates"

Posted by Grossman & Jones Group on February 2nd, 2024

Austin Business Journal shares, "Hutto is the best market for first-time homebuyers in the Austin area, according to a new analysis by Realtor.com.

The analysis identified the best markets nationwide for first-time homebuyers, as well as the top local city or suburb in major metro areas. Realtor.com examined median home listing prices, available inventory, forecasted price growth, commute times and unemployment rates when compiling the data.

The report lists median home prices of about $387,000 for Hutto, which is about 30 miles northeast of downtown Austin in Williamson County. That compares to a metro-wide median price of about $500,000, according to Realtor.com. The Austin Board of Realtors tracks slightly lower numbers on those fronts. ABOR…

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"Applications open soon to build three homes on one lot through Austin's new HOME Initiative"

Posted by Grossman & Jones Group on February 1st, 2024

Austin Business Journal reports, "developers and homebuilders hoping to take advantage of a new program that will allow up to three residential units to be built on a lot currently zoned for one are about to get their chance.

That's because the HOME Initiative goes into effect Feb. 5, and those who are interested can start applying at that time.

Applications must be submitted through Austin's residential plan review process, according to a new city information hub devoted to the HOME Initiative, which stands for Home Options for Middle-income Empowerment.

The initiative allows the construction of up to three dwellings on lots currently zoned SF-1, SF-2 and SF-3. Most single-family homes in Austin fall into one of those zoning categories.

…

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"Blackstone eyes massive multifamily development in North Austin"

Posted by Grossman & Jones Group on January 30th, 2024

TheRealDeal reports, "a Blackstone subsidiary is gearing up for a big multifamily project in North Austin.

Link Logistics Real Estate Management, led by CEO Luke Petherbridge, filed to rezone the  6-acre site at 11209 Metric Boulevard to allow for a five-story complex with nearly 500 units, the Austin Business Journal reported. 

The project, called LL Braker, according to city filings, is also slated for 5,000 square feet of retail space and structured parking. It’s unclear if the residential units will be apartments or condos. A one-story warehouse, built in the 1980s and spanning 85,000 square feet, would be demolished for the project.

Link Logistics is requesting to change the property’s industrial zoning designation to allow…

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"Austin homebuilder using unusual method to rapidly build 900 homes in Georgetown"

Posted by Grossman & Jones Group on January 29th, 2024

Austin American-Statesman reports, "hundreds of homes are headed for fast-growing Georgetown, north of Austin in the five-county Central Texas region..

Aztec Group's Brell Tarich and Jason Shapiro arranged $33.25 million in construction financing for the first phase of the single-family housing development. Aztec is a real estate investment and merchant banking firm based in Miami.

The builder, Onx Group, is a Texas-based residential developer that uses cutting-edge technology to streamline the pre-construction, manufacturing and assembly process. Through its proprietary construction method — X+ — Onx manufactures individual rooms, bathroom pods, walls and more at offsite production facilities near its housing developments.

In November, Onx…

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